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Old 01-15-2010, 05:03 PM
 
9,855 posts, read 10,412,481 times
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They lost their butts because they could not sell those crappy homes after the lenders actually had to qualify people for home loans. The target market for those homes could no longer qualify with zero down.

 
Old 01-15-2010, 05:12 PM
 
9,855 posts, read 10,412,481 times
Reputation: 2881
Quote:
Originally Posted by gtbguy View Post
Hey, I'm grew up in Las Vegas, New Mexico and I still love visiting there. Yep, there and El Paso might be about the same crappy real estate market. Comparing Las Vegas, NV and El Paso, Tx is like comparing apples to oranges. El Paso isn't in the same league as Vega$ in terms of destination, economy, etc. (did I forget desirability?)
Las Vegas for homesteading is no longer so desirable. El Paso, TX has plans to design retirement communites with easy access and transportation to medical facilities and shopping. Sorry, Las Vegas, off the strip now, is just not that desirable anymore.
 
Old 01-15-2010, 11:50 PM
 
177 posts, read 357,133 times
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I don't see how one can compare Las Vegas with Detroit.
They are totally different animals.

Las Vegas still provides good quality of entertainment, still a very desirable place to live. And it is much more international than Detroit. Vegas is in the toilet right now because of the overall poor economy of the nation. People don't have extra money to spend right now. Once the whole country is getting back on the right track, Vegas will recover also, same as other tourist cities such as Orlando and Miami. Las Vegas still has a very high reputation throughout the country and the rest of the world. It is basically a symbol of American gambling industry.

However, Detroit has its unique problem. I have to tell the truth- almost everyone outside the US doesn't like American made cars. Even we ourselves do not support our automotive industry; I see way more Japanese and Europeans cars on the road than American cars. It has been like that more than 2 decades already. Even during the boom years Detroit wasn't doing well also with shrinking market share year by year. This city collapsed because of its own problems more than the overall economy.

Therefore, I still don't see how one can compare Vegas with Detroit.
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